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Foreclosures by Race and Ethnicity: The Demographics of A Crisis

Foreclosures by Race and Ethnicity: The Demographics of A Crisis

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Published by woodstockwoody
The majority (an estimated 56%) of families who lost homes were non-Hispanic and white, but
African-American and Latino families were disproportionately affected relative to their share of
mortgage originations.
The majority (an estimated 56%) of families who lost homes were non-Hispanic and white, but
African-American and Latino families were disproportionately affected relative to their share of
mortgage originations.

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Published by: woodstockwoody on Dec 26, 2011
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12/26/2011

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Center for Responsible Lending
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www.responsiblelending.org
Foreclosures by Race and Ethnicity:
The Demographics of a Crisis
CRL Research ReportDebbie Gruenstein Bocian, Wei Li, and Keith S. Ernst June 18, 2010
 
Center for Responsible Lending
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Executive Summary..................................2Introduction .......................................4Data and Methods ..................................5Analysis..........................................7Discussion ........................................11Conclusions and Policy Recommendations..................18Notes............................................20
Table of ConTenTs 
Addendum:
On July 1, 2010, we adjusted our estimates o propertydepreciation in communities o color related to oreclosures. Between2009 and 2012, the updated estimate or Arican Americans is $194 billion,versus $193 billion, and the estimate or Latino communities changed rom$180 billion to $177 billion. This report relects those changes on pages 3 and11 and in an accompanying note.
 
Foreclosures by Race and Ethnicity: The Demographics of a Crisis
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 s 
ince housing prices began their precipitous decline in January 2007 and oreclosure ratesskyrocketed, no one has assessed exactly how many mortgages have ended in oreclosure orwho has been aected. Although a number o useul mortgage databases are available, there is nooicial, nationwide, publicly available census o completed oreclosures or associated demographicinormation. In this report, we seek to shed light on the nation’s oreclosure crisis by using govern-ment and industry data to estimate the number o oreclosures in recent years and their impact byrace and ethnicity. More speciically, we calculate oreclosure rates rom 2007 through 2009 or1,632 combinations o loan types, geography, occupancy types and closing years, and apply theserates to mortgage origination data. The results are these key estimates on completed oreclosures:During the irst three years o the oreclosure crisis, rom January 2007 through the end o 2009, weestimate that 2.5 million oreclosures were completed.The vast majority o these oreclosures wereon owner-occupied properties with mortgages that were originated between 2005 and 2008.
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The majority (an estimated 56%) o amilies who lost homes were non-Hispanic and white, butArican-American and Latino amilies were disproportionately aected relative to their share o mortgage originations.
Among recent borrowers, we estimate that nearly 8% o both Arican Americans and Latinoshave lost their homes to oreclosures, compared to 4.5% o whites.
The racial and ethnic disparities in these estimated oreclosure rates hold even ater controlling ordierences in income patterns between demographic groups.
The figure below shows completed foreclosures per 10,000 loans for African Americans, Latinosand non-Hispanic whites:
eXeCUTIVe sUMMaRY 
African American Latino Non-Hispanic White
10008006007907694524002000
2007-2009 Completed Foreclosures per 10,000 Loans
(on loans made in 2005-2008 to owner-occupants)

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